Tata Capital, the financial services arm of the Tata Group, launched its new product offering - Flexi EMI Loans, to offer customers the choice of customising their EMI repayment options, as per convenience. 

“This form of structured loans will be available to borrowers across flagship retail products from Tata Capital like Home Loans, Business Loans, Car Loans and Personal Loans which are extended by subsidiaries of Tata Capital Ltd,” the non-banking financial company (NBFC) said in a statement.

The Flexi EMI plans will offer multiple repayment options such as – Step up, Step down, Bullet and Ballooning EMI plans. For home loans, the tenure of the loan could range from 1 to 30 years for salaried professionals and 1 to 20 years for other customers.

Govind Sankaranarayanan, Chief Operating Officer - Retail Business & Housing Finance, Tata Capital Financial Services said, “Tata Capital’s retail business continues to be a key focus area for the company. With Tata Capital Flexi EMI loans our attempt is to provide an additional benefit to the customer, across our key retail loans. All customers have their own individual financial needs and circumstances and Tata Capital Flexi EMI Loans help them plan their EMI repayment schedule in a convenient way through a range of flexible repayment plans.”

The plan allows customers to increase their fixed monthly EMIs every year to match the increase in their annual income and one can also start repaying the loan with a higher EMI and lower it year after year. It further allows the borrower to prepay a loan in parts at periodic intervals thereby helping lower the instalments considerably.

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